I felt a small bump around my right nipple what could this be? Should I contact my doctor?

Yes. A small bump near your nipple is likely to be a blocked sweat gland at the edge of the nipple, called a montgomery's gland. But you do not want to miss something more serious such as a breast cancer. See your doctor promptly.
Doctor can examine. Lumps and bumps in the breast area are best examined by a doctor because of the possibility of breast cancer. Teen boys and men can have breast buds (about 1/2 to 1 inch wide) under one or both nipples. Men can have breast cancer, but it is rare. Women with any breast symptoms must rule out cancer. Cysts of various sizes and locations can occur. X-rays and ultrasound scans can help diagnose lumps.
Call your doctor. It could be normal or a small cyst. The only way to tell is to examine it in the office, so call your doctor for an appointment.